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Colorado - Wed. 11/27/24 |
A Free Business Publication from Alpine Bank
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NOTICE OF HOLIDAY CLOSURE FROM ALPINE BANK
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All Alpine Bank branches will be closed in observance of Thanksgiving Day on Thursday, Nov. 28. There will be no Alpine e-line Nov. 28-29. The Alpine Bank family wishes you and yours a safe and happy holiday. We invite you to use Alpine Online or the Alpine Mobile app for 24/7 banking access, even when we are closed. Learn more at the link below.
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METEOROLOGIST KATHY SABINE TO LEAD WESTERN STOCK SHOW PARADE
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Officials of the 2025 National Western Stock Show announced that longtime Colorado ambassador, avid equestrian and 9News Chief Meteorologist Kathy Sabine will be the Grand Marshal of the 2025 Stock Show Kick-Off Parade. Jan. 9, Sabine will lead the parade, kicking off the start to the 119th National Western Stock Show, at noon outside Union Station and marching twelve blocks down 17th Street to Glenarm Place. The procession includes a "spectacular array of over 30 Longhorn cattle, horses and western wagons, through the streets of downtown Denver.” Parade-goers, downtown businesses and passersby are invited to the Stock Show Fair at McGregor Square following the parade, with McNicholas Miniatures therapy horses, western royalty, a food market, and more. The 119th year of the National Western Stock Show runs from Jan. 11-26, at the National Western Complex, 4655 Humboldt Street, Denver. For a full schedule, and tickets, visit nationalwestern.com.
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DENVER CREATES NEW MANUFACTURED HOUSING ZONE
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Denver is home to approximately 300 mobile homes spread across five mobile home parks, which, up until Monday, were considered “nonconforming” to city code. However, after a unanimous vote Nov. 25, Denver City Council approved a map and text amendment that created a new manufactured home community zone. The new zone will ensure these communities comply with the new rules while maintaining safety standards. The zoning amendment will also make it easier to replace older mobile homes with newer ones, helping preserve one of the city’s last remaining sources of unsubsidized affordable housing. The new MHC zone establishes specific building form standards, such as maximum height and minimum setbacks, that reflect the current conditions of existing mobile home parks located in Westwood, Athmar Park, College View and Elyria-Swansea.
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GOLDEN COMPANY SIGNS WITH SPACEX FOR MOON MISSION
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Lunar Outpost will be sending its autonomous Lunar Terrain Vehicle to the moon using SpaceX's giant Starship rocket for launch and landing. The Golden-based company signed the launch services agreement with Elon Musk's company last week. The vehicle, called Lunar Outpost Eagle, aims to improve surface mobility on the moon through features like autonomous navigation and reconfigurable cargo options. It will be on the moon's surface and ready to provide services in 2029. This partnership helps the companies contribute to NASA's Artemis campaign, which is aiming to support long-term human exploration on the moon.
Earlier this year, Lunar Outpost and NASA entered into a contract to develop and advance rover capabilities for a lunar vehicle that astronauts will use during the agency's Artemis campaign. In September, the Lunar Outpost's LTV received a successful System Requirements Review. NASA awarded $2.89 billion to SpaceX in 2021 to use its Starship to shuttle astronauts from lunar orbit to the moon's surface by 2026.
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NEW COMPANY TAKING OVER LYFT'S DOCKLESS E-BIKES, E-SCOOTERS IN DENVER
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Micromobility company Bird will take over thousands of dockless e-scooters and e-bikes in Denver starting in December after Lyft officials decided to cut the vehicles from the company’s offerings. Lyft leaders first announced they were moving away from dockless devices in September and made it official on Friday in a shared announcement with city and Bird officials. Riders will be able to rent scooters and bikes through both the Lyft and Bird apps and more than 100 parking corrals will remain in operation. People have taken more than 22 million trips on e-bikes and e-scooters in Denver since late 2018. The vehicles have traversed 27 million miles of city terrain over the same period. The program’s pricing will remain the same at $3 a month, and Community Pass and 5280 members will be transferred over to similar programs with Bird.
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MARIJUANA SALES KEEP FALLING
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Forget the pandemic boom in marijuana sales — Colorado now collects fewer marijuana tax dollars than it did in 2018. About half the country now has joined Colorado in legalizing recreational marijuana, with a total of 24 states and Washington, D.C., regulating cannabis. The spread of legalization has taken a toll on Colorado’s more established market, with the wholesale price of legal marijuana falling to its lowest recorded level. But there’s another factor to blame for the decline of Colorado’s marijuana industry: the rise of intoxicating hemp. In 2018, Congress legalized hemp through the federal Farm Bill, a change aimed at allowing its use for things like textiles, not recreational drugs.
There’s a limit on how much THC can be present in legalized hemp. But the federal changes have nonetheless resulted in the creation of a $2.2 billion quasi-legal market for intoxicating hemp products, including THC-infused seltzers, brownies and gummies that are now popping up in gas stations, farmers markets and CBD stores across the country. Intoxicating hemp is produced by converting CBD derived from hemp, which is legal, into chemicals similar to the THC contained in cannabis. State attorneys general, including Colorado’s Phil Weiser, are pushing Congress to put stricter limits on hemp, saying their own efforts to crack down on the industry have been stymied by legal uncertainty.
In the meantime, Colorado’s legal marijuana sellers are seeing less consumer interest in their highly regulated products. Marijuana sales — and the tax revenue they generate — peaked in Colorado in the 2020-21 budget year, when the state collected $424 million in sales and excise taxes. That fell 41 percent to $248 million in the 2023-24 budget year.
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DURANGO SCHOOL DISTRICT PURCHASES NEW SPACE FOR BIG PICTURE HIGH SCHOOL
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Durango School District 9-R has purchased additional space in the Columbine Center building at 281 Sawyer Drive, marking a significant change for Big Picture High School. Previously located at 150 Tech Center Drive, Big Picture High School now has a permanent home following the $2.4 million purchase. In 2023, the school was relocated to the Durango Tech Center after the district sold its former administration building parcel at 201 E. 12th Street, including Big Picture’s former location, to Durango Fire Protection District in December 2021. The district then moved its administrative offices to the bottom floor in the Columbine Center in January 2024, after purchasing it from La Plata County in November 2023. But with the latest purchase, the district will occupy most of the top floor of the Columbine Center along with an additional 2,800 square-foot space on the first floor. The new BPHS location will occupy about 12,700 square feet on the top floor.
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EAGLE COUNTY COMPANIES MAKE OUTSIDE MAGAZINE'S 2024 LIST OF BEST PLACES TO WORK
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Two Eagle County companies, East West Partners and Eagle County Paramedic Services, made Outside Magazine’s 2024 list of the 50 Best Places to Work. The list includes companies across the nation in a variety of fields. The main thing they have in common? All provide uniquely beneficial workplaces for their outdoor-minded employees. Outside Magazine develops its list based on employee surveys. Both East West Partners and Eagle County Paramedic Services have made Outside Magazine’s list several times before. East West Partners is one branch of East West Family of Companies, which includes East West Hospitality, an employer of 1,500 people in Eagle County alone, and Slifer Smith & Frampton, the real estate company.
Eagle County Paramedic Services is the emergency medical services agency and health service district that responds to local 911 calls and provides community paramedicine and inter-facility transfer. Eagle County Paramedic Services’ 100 staff members include trained EMTs, paramedics, community paramedics and an administrative team. Eagle County Paramedic Services is the only health care organization to make Outside Magazine’s list this year.
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COLORADO SKI AREAS TO SEE DOUBLE-DIGIT SNOW TOTALS
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Ski areas across the state are in for upwards of 2 feet of snow by Wednesday as the core of a second winter storm to hit within a week descends on the High Country. Major resorts already netted between 3.5 and 9 inches of new snow following a storm Sunday, Nov. 24. Though snowfall was interrupted by a dry spell Monday, winter weather returned early Tuesday morning and is expected to last through Wednesday night. Central mountain areas are favored to see deepest snow totals, though all mountain regions are anticipated to receive multiple inches of fresh power. According to estimates from OpenSnow.com, projected Wednesday snow totals at major resorts include:
- Keystone Resort, 15 inches
- Winter Park Ski Resort, 16 inches
- Breckenridge Ski Resort, 16 inches
- Arapahoe Basin Ski Area, 16 inches
- Copper Mountain Resort, 17 inches
- Loveland Ski Area, 17 inches
- Beaver Creek Resort, 19 inches
- Steamboat Ski Resort, 19 inches
- Aspen Snowmass, 22 inches
The Colorado Avalanche Information Center rated avalanche risk for much of the High Country as a 4 out of 5 on the center’s danger scale — considered “high.” An avalanche watch is in effect for most mountain ranges from 5 p.m. Tuesday through 5 p.m. Wednesday while a more severe advisory — an avalanche warning — is in effect Tuesday afternoon through Wednesday for the Anthracite Range in Gunnison County and the area surrounding Monarch Mountain. The latest avalanche conditions for the state can be found at Colorado.gov/avalanche.
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WINTER TRAVEL SEASON BEGINS ON THE WRNF; VAIL PASS REC SEASON OPENS SATURDAY
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The winter travel season is underway across the White River National Forest, and the Vail Pass Winter Recreation Area kicks its official season off Saturday, Nov. 30. All wheeled vehicles, including bikes, are limited to plowed routes to protect snow conditions for winter recreation and to protect road quality. In many areas on the WRNF, partners groom roads for snowmobiling and cross-country skiing as a public service using volunteer time and funding from private and partner sources. Respecting signs and travel restrictions will help protect this investment in maintaining groomed surfaces and winter recreation opportunities. Winter Motor Vehicle Use Maps identify routes and areas designated for “over the snow” motor vehicle travel, such as snowmobiles. They are free and available at all WRNF offices or from fs.usda.gov/whiteriver.
The winter season officially begins at the Vail Pass Winter Recreation Area this Saturday, when seasonal user fees begin to be collected to fund trail grooming, parking area plowing, and education for visitors such as maps and signs. Day passes are $10, and season passes are $65. Day passes can be purchased with cash or credit cards at Vail Pass, and with cash only at Camp Hale. Season passes are also available at the Eagle-Holy Cross Ranger District in Minturn, 970-827-5715, and the Dillon Ranger District in Silverthorne, 970-468-5400.
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BOI REPORTING DEADLINE REMINDER
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Many companies created or registered to do business before Jan. 1, 2024, must e-file their initial beneficial ownership information (BOI) reports by Jan. 1, 2025. This generally means reporting the names and other information about those who own or control the company. Exceptions and special rules apply. The report is filed with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The primary goal is to combat money laundering, fraud, and other illicit activities by increasing transparency in business ownership. The requirement comes from the Corporate Transparency Act, enacted in 2021. FinCEN is also warning of scams to steal sensitive information by targeting BOI filers. For more information about filing requirements and scam alerts, visit FinCEN’s BOI website for more information, https://fincen.gov/boi.
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PEAK HEALTH ALLIANCE & ELEVATE HEALTH PLANS OFFER 2025 HEALTH COVERAGE IN NINE COUNTIES
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Peak Health Alliance and Elevate Health Plans by Denver Health Medical Plan are partnering again this year to offer affordable health insurance options for Coloradans in nine rural counties. Open enrollment for 2025 runs through Dec. 15 for coverage beginning Jan. 1 and through Jan.15 for plans effective Feb. 1. With the goal of delivering accessible, budget-friendly health coverage, the nonprofit partnership of Peak Health Alliance and Elevate Health Plans provides Dolores, Grand, Lake, and San Juan counties with the most affordable premiums for individual health insurance plans, and the lowest-cost High Deductible Health Plan options in Archuleta, Park, La Plata, Montezuma, and Summit counties.
Individuals and families can easily compare rates and choose the best plan through Connect for Health Colorado or directly on Elevate Health Plans by Denver Health Medical Plan’s website at the link below. Members in these counties will have access to an extensive group of local, in-network providers, including major hospitals such as:
- Pagosa Springs Medical Center
- Middle Park Health hospitals in Kremmling, Granby, and soon in Fraser
- St. Vincent General Hospital
- Animas Surgical Hospital
- Mercy Hospital
- Southwest Memorial Hospital
- St. Anthony Summit
- Expanded Mental Health Access
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MEASURING SUCCESS
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When Americans measure success, they’re not often thinking about their net worth or account balances. About 59 percent of polled Americans say that happiness — specifically, the ability to spend money on things that make them happy — is the most important benchmark of success, according to a new report by Empower. Meanwhile, 35 percent of respondents pointed to having free time to pursue their interests. The same share cited physical wellbeing. Empower surveyed 2,203 U.S. adults in September. Respondents were asked to pick the top three types of success they most valued.
- Only 27 percent believe wealth is the highest measure of success.
- In the third quarter of the year, almost half of survey respondents agreed with the statement “I am living paycheck to paycheck.” That includes 35 percent of households earning less than $50,000 a year, and 20 percent of households earning more than $150,000.
- About 35 percent of polled Americans believe the economy is the top barrier to success, followed by income instability at 30 percent.
How to find room in your budget for joy? Some recommend the 50-30-20 rule, a budget framework that allocates 50 percent of your income toward housing, food and utilities, 30 percent toward “wants” or discretionary spending, and the remaining 20 percent to savings and investments. (Figure out a proportion that works best for you and your current financial picture.) For long-term plans, think about the kind of lifestyle you want to live and figure out what the needs, wants and dreams might cost.
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MARKET UPDATE - 11/26/2024 Close
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(Courtesy of Alpine Bank Wealth Management*)
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Canadian dollar (per U.S. dollar)
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Mexican peso (per U.S. dollar)
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30-year fixed mortgage rate (Freddie Mac 11/21/2024)
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*Not FDIC insured. May lose value. Not guaranteed by the bank.
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Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado's Western Slope, mountains and Front Range. Alpine Bank serves customers with retail, business, wealth management*, mortgage and electronic banking services. Learn more at alpinebank.com.
*Alpine Bank Wealth Management services are not FDIC insured, may lose value and are not guaranteed by the bank.
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